Growth opportunities in the veterinary molecular diagnostics market look promising over the next six years. This is mainly due to the rise in foodborne diseases, increasing penetration of molecular diagnostics for veterinary medicine due to the presence of a strong distribution channel, and the growing prevalence of zoonotic disease.
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Veterinary Molecular Diagnostics Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging pervasiveness of zoonotic diseases and the growing diagnostic rate owing to the boost in expenditure on animal healthcare are the drivers anticipated to stimulate the growth of the global veterinary molecular diagnostic market. Also, the increase in foodborne diseases coupled with innovative veterinary diagnostics is another factor contributing to the market growth. Moreover, the accelerating penetration of molecular diagnostic for veterinary because of the prevalence of strong distributional channel, rapid urbanization, and frequent visits to veterinary facilities by high-income families that own pets, further strengthens the market growth. However, the lack of veterinary practitioners and inadequate awareness concerning veterinary molecular diagnostic across nations may curb the growth of the veterinary molecular diagnostic market share.
Product Type Segment Driver:
Based on the product type, the market is segmented into instruments and consumables. Amongst which, consumables are expected to expand at a higher CAGR over the forecast period. The consumables segment is further segregated into reagents, kits, and others. Kits are projected to witness a higher growth largely because of their use in screening of families of similar disorders. Also, most of the commercial products are available in the form of kits. Leading companies are involved in advancing veterinary diagnostics kits to launch new products, which will propel the market growth.
Application Type Segment Drivers
On the basis of application type, companion animals are anticipated to expand at a higher CAGR over the forecast period. This is mainly owing to the escalating expenditure on pet healthcare and the increasing awareness about pet healthcare.
Regional Drivers
Based on the regional coverage, North America is predicted to observe a faster CAGR during the forecast period. This is attributed to the fuelling pet adoption along with the increasing awareness about animal health. Also, various organizations, by their continuous efforts, are promoting animal welfare activities to raise the market growth. On the other hand, Asia Pacific is expected to lead the market over the forecast period due to the growing animal population, accelerating demand for animal-derived food products integrated with the adoption of veterinary diagnostic products.
Veterinary Molecular Diagnostics Market ’S leading Manufacturers:
Neogen Corporation
Bioneer
Biomedica Medizinprodukte GmbH & Co. KG
IDEXX Laboratories Inc.
Thermo Fisher Scientific Inc.
ABAXIS Inc
HealthGene Corporation
VCA Inc.
QIAGEN N.V.
Veterinary Molecular Diagnostics Market Segmentation:
Segmentation by Product Type:
Instruments
Consumables
Reagents
Kits
Others
Segmentation by Technology:
PCR
INAAT
Microarrays
DNA Sequencing
Segmentation by Animal Type:
Companion Animals
Dogs
Horses
Cats
Livestock Animals
Pigs
Cattles
Poultry
Others
Segmentation by End-Users:
Veterinary Hospitals
Clinical Laboratories
Research Institutes
Segmentation by Region:
North America
United States of America
Canada
Asia Pacific
China
Japan
India
Rest of APAC
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
Rest of the world (remaining countries of the LAMEA region)
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